First Licensed Crypto Bank and XRP Tokens

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Ripple and authorities

Cryptocurrencies such as Bitcoin, Ethereum, Ripple’s XRP tokens, and others offer several advantages compared with fiat currencies. Moreover, the crypto industry has the potential to boost the economy, and recently one decided to make life easier for crypto owners.

As a reminder, Sygnum Bank is the first crypto bank licensed by the Swiss Financial Market Supervisory Authority (FINMA). Let’s have a look at this bank.

Importantly, XRP is the third most capitalized digital token after Bitcoin and Ethereum.
Moreover, this cryptocurrency is ideal for clients who would like to diversify their direct investments in digital tokens.

Let’s get back to the announcement. The crypto bank, based in Switzerland made a step forward as from now XRP tokens are available through its banking services platform. Consequently, clients of Sygnum Bank have the possibility to access deposit as well as exchange, and credit services by using this major cryptocurrency.

Also, people should take into account, that clients of the first crypto bank will be able to use deposits in traditional currencies such as the Swiss Franc, the Euro, U.S. Dollar, and Singapore Dollar. As a result, customers can use fiat currencies to buy, hold, and trade XRP tokens backed by the Ripple’s protocol.

Crypto bank and XRP tokens

Swiss bank and crypto industry

This is not the end of the story, as customers can transfer XRP tokens to their Sygnum deposit account. Moreover, it is possible to increase their liquidity in fiat currencies with a Lombard loan granted by the XRP.

Sygnum Bank was impressed with Ripple’s performance around the world. For instance, they have more than 300 financial institutions in their global payments system RippleNet.

Ripple’s protocol provides instant cross-border transfers at a low cost, instead of the traditional method of sending money abroad.

Also, a digital money service, partnered with Siam Commercial Bank to launch an instant cross-border payment service through RippleNet. Banks should pay more attention to cryptocurrencies.

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